MARED GROEP: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
MARED GROEP
Largest movements
- Financial fixed assets -€1.6m
down €1.6m (-88.9%), from €1.8m to €200,000
- Cash +€932,922
up €932,922 (+809%), from €115,389 to €1.0m
mainly Net result for the year (+€1.7m) and Investment in fixed assets (net) (+€1.6m)
- Receivables within one year +€802,813
up €802,813 (+3,487%), from €23,022 to €825,835
- Deferred charges and accrued income -€26,064
down €26,064 (-79.6%), from €32,755 to €6,691
- Reserves +€1.4m
up €1.4m (+596%), from €240,981 to €1.7m
of which Distributable reserves: +€1.4m
- Debts after one year -€1.3m
down €1.3m (-100%), from €1.3m to €0
- Tax, wage and social debts +€144,829
up €144,829 (+644%), from €22,472 to €167,301
- Other debts -€130,057
down €130,057 (-100%), from €130,057 to €0
- Financial income +€2.0m
up €2.0m (+7,210%), from €28,000 to €2.0m
of which Non-recurring financial income: +€1.6m
- Gross operating margin -€224,929
down €224,929, from €58,499 to -€166,430
- Taxes +€162,314
up €162,314 (+4,725%), from €3,435 to €165,749
- Financial charges -€50,851
down €50,851 (-99.2%), from €51,276 to €425
- Depreciation +€5,033
up €5,033 (+128%), from €3,932 to €8,965
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,018,588 | €2,117,444 | +€98,856 | +4.9% |
| Fixed assets | 21/28 | €1,847,422 | €236,607 | -€1.6m | -87.2% |
| Tangible fixed assets | 22/27 | €44,371 | €36,607 | -€7,765 | -17.5% |
| Land and buildings | 22 | €6,500 | €6,500 | = | 0.0% |
| Plant, machinery and equipment | 23 | €2,012 | €1,401 | -€610 | -30.3% |
| Furniture and vehicles | 24 | €35,859 | €28,705 | -€7,154 | -20.0% |
| Financial fixed assets | 28 | €1,803,051 | €200,000 | -€1.6m | -88.9% |
| Current assets | 29/58 | €171,166 | €1,880,837 | +€1.7m | +999% |
| Amounts receivable within one year | 40/41 | €23,022 | €825,835 | +€802,813 | +3,487% |
| Other amounts receivable | 41 | €23,022 | €825,835 | +€802,813 | +3,487% |
| Cash at bank and in hand | 54/58 | €115,389 | €1,048,311 | +€932,922 | +809% |
| Deferred charges and accrued income | 490/1 | €32,755 | €6,691 | -€26,064 | -79.6% |
| Total equity and liabilities | 10/49 | €2,018,588 | €2,117,444 | +€98,856 | +4.9% |
| Equity | 10/15 | €517,772 | €1,948,508 | +€1.4m | +276% |
| Contributions | 10/11 | €218,600 | €218,600 | = | 0.0% |
| Reserves | 13 | €240,981 | €1,676,682 | +€1.4m | +596% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €240,981 | €1,676,682 | +€1.4m | +596% |
| Profit (loss) carried forward | 14 | €58,192 | €53,226 | -€4,966 | -8.5% |
| Amounts payable | 17/49 | €1,500,815 | €168,935 | -€1.3m | -88.7% |
| Amounts payable after more than one year | 17 | €1,346,288 | €0 | -€1.3m | -100% |
| Other amounts payable | 178/9 | €1,346,288 | €0 | -€1.3m | -100% |
| Amounts payable within one year | 42/48 | €154,528 | €167,863 | +€13,335 | +8.6% |
| Trade debts | 44 | €1,999 | €562 | -€1,436 | -71.9% |
| Suppliers | 440/4 | €1,999 | €562 | -€1,436 | -71.9% |
| Taxes, remuneration and social security | 45 | €22,472 | €167,301 | +€144,829 | +644% |
| Taxes | 450/3 | €22,472 | €167,301 | +€144,829 | +644% |
| Other amounts payable | 47/48 | €130,057 | €0 | -€130,057 | -100% |
| Accrued charges and deferred income | 492/3 | - | €1,072 | +€1,072 | |
| Non-recurring operating income | 76A | €9,500 | €0 | -€9,500 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,932 | €8,965 | +€5,033 | +128% |
| Other operating charges | 640/8 | €1,174 | €1,889 | +€715 | +60.9% |
| Gross operating margin | 9900 | €58,499 | -€166,430 | -€224,929 | |
| Operating profit (loss) | 9901 | €53,394 | -€177,283 | -€230,677 | |
| Financial income | 75/76B | €28,000 | €2,046,684 | +€2.0m | +7,210% |
| Recurring financial income | 75 | €28,000 | €440,636 | +€412,636 | +1,474% |
| Non-recurring financial income | 76B | - | €1,606,048 | +€1.6m | |
| Financial charges | 65/66B | €51,276 | €425 | -€50,851 | -99.2% |
| Recurring financial charges | 65 | €51,276 | €425 | -€50,851 | -99.2% |
| Profit (loss) for the period before taxes | 9903 | €30,118 | €1,868,975 | +€1.8m | +6,106% |
| Income taxes | 67/77 | €3,435 | €165,749 | +€162,314 | +4,725% |
| Profit (loss) for the period | 9904 | €26,682 | €1,703,226 | +€1.7m | +6,283% |
| Profit (loss) for the period to be appropriated | 9905 | €26,682 | €1,703,226 | +€1.7m | +6,283% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.